BMW Group’s first-quarter 2025 results were mixed: vehicle deliveries slipped 1.4% and profit fell sharply, while fully electric vehicle deliveries rose 32.4%. The company reported a 6.9% Automotive EBIT margin, near the top of its annual target range at the time, but revenue, earnings and automotive cash flow were all lower than a year earlier.
BMW Group Q1 2025 results at a glance
BMW Group reported these results for the three months ended 31 March 2025. The figures are company-reported year-over-year comparisons; the release was published on 7 May 2025.
| Measure | Q1 2025 | Change from Q1 2024 |
|---|---|---|
| Group revenue | €33.758 billion | Down 7.8% |
| Earnings before tax (EBT) | €3.113 billion | Down 25.2% |
| Group net profit | €2.173 billion | Down 26.4% |
| Group vehicle deliveries | 586,117 | Down 1.4% |
| Automotive revenue | €29.211 billion | Down 5.6% |
| Automotive EBIT | €2.024 billion | Down 25.3% |
| Automotive EBIT margin | 6.9% | 8.8% in Q1 2024 |
| Automotive free cash flow | €413 million | €1.283 billion in Q1 2024 |
BMW called the quarter “in line with expectations,” but the company release does not establish how results compared with an independently compiled analyst consensus. The figures show why the quarter was mixed: deliveries were nearly flat and electric sales grew, but the decline in earnings was much steeper than the decline in vehicle volume.
Why profit fell more than deliveries
BMW attributed lower Automotive revenue primarily to negative volume effects from fewer deliveries to dealerships, subdued consumer demand and low prices in China, and heightened competition. Growth in Europe and the Americas helped deliveries, but did not offset the pressures affecting revenue and profitability.
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BMW also said higher tariffs added a low triple-digit-million-euro amount to first-quarter costs, primarily from EU anti-subsidy duties on battery-electric vehicles imported from China. Separately, negative measurement effects from interest-rate hedges weighed on the Group’s financial result. These factors affected different parts of the reported performance; they should not be collapsed into a single explanation for the profit decline.
Automotive margin: 6.9% reported
The Automotive segment’s EBIT margin was 6.9%, down from 8.8% in Q1 2024—a 1.9 percentage-point decline. BMW described the quarter’s margin as near the top of its 5–7% full-year target corridor as stated on 7 May 2025.
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BMW also presented an 8.1% margin excluding depreciation and amortisation from the purchase-price allocation of BMW Brilliance Automotive. That is a company-supplied adjusted comparison, not the headline reported margin; the reported Q1 figure remains 6.9%.
Electric deliveries grew while total deliveries edged down
BMW Group delivered 586,117 vehicles in Q1 2025, down 1.4% year over year. Fully electric vehicle (BEV) deliveries increased 32.4% to 109,513. BEVs made up 18.7% of Group deliveries, compared with 13.9% a year earlier. Deliveries of BEVs and plug-in hybrids combined rose 28.5% to 157,487, or 26.9% of deliveries.
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These are BMW’s sales figures, not measures of market share. The company reported particularly strong BEV growth in Europe and said BEVs accounted for 35.3% of MINI deliveries.
Brand deliveries
| Brand | Q1 2025 deliveries | Year-over-year change |
|---|---|---|
| BMW | 520,121 | Down 2.0% |
| MINI | 64,615 | Up 4.1% |
| Rolls-Royce | 1,381 | Down 9.4% |
BMW cited growth in Europe and the Americas, while subdued demand in China tempered the overall delivery result.
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Cash flow and Financial Services
Automotive free cash flow was €413 million, compared with €1.283 billion in Q1 2024. BMW said the decline mainly reflected lower earnings before tax, greater use of provisions and cash outflows for capital expenditure related to 2024 year-end. Lower inventory growth partly offset those pressures.
Financial Services pretax profit fell 11.0% to €650 million, mainly because income from sales of lease-return vehicles was lower. The segment concluded 402,811 new financing and leasing contracts, down 4.6%. Leasing contracts grew 12.7%, partly offsetting a 13.5% decline in credit financing, which BMW associated largely with China.
What BMW’s 2025 guidance meant at the time
In its 7 May 2025 release, BMW confirmed a full-year Automotive EBIT margin target of 5–7% and an Automotive free-cash-flow target above €5 billion. These were expectations stated at that date, not current forecasts.
BMW said rising deliveries and easing raw-material tensions were supportive assumptions. It also cited currency effects, challenges in China, additional tariffs and higher supply-chain support measures as pressures on earnings. The company’s statement that it remained on course for its full-year targets was management’s outlook, not an independent assessment.
Quick Recap
Sources
- BMW Group, “BMW Group profitability in line with expectations in first quarter,” 7 May 2025
- BMW Group, Q1 2025 report
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